CICC slashed China's 2020 growth forecast to 2.6% from 6.1%, saying things worse than expected

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Beijing-based China International Capital Corporation (CICC), the country’s most prominent investment bank, becomes the latest to slash its China growth forecast due to the impact of the coronavirus pandemic.

The bank stunned many in Chinese financial circles by slashing the forecast of the country's full-year real GDP growth in 2020 to a record low of 2.6 per cent, sharply down from 6.1 per cent estimated in January.

“Many poor figures will [appear] in the second quarter, and as the epidemic continues, there will be worse readings in May, June . . .

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